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Tikur Abay Construction SC, Ethiopia has been dissolved for persistent failure to turn a profit. Tikur Abay has incurred significant debt Wegagen Bank and the Commercial Bank of Ethiopia which are in the process of being called in as well as running at a loss for several years according to sources.

The decision to dissolve the state owned enterprise supported by government subsidies was reached by the Privatization and Public Enterprises Supervising Agency of Ethiopia six weeks ago.

The Revenues and Customs Authority of Ethiopia is dissatisfied with the annual inspection services offered to taxpayers by cash register suppliers. Cash register machines can fail in processing data transfers in the absence of appropriate servicing it was said.

ERCA has authorized about 11 companies’ to supply cash register machines on the local market. The suppliers are mandated to set up repair and maintenance facilities to offer annual inspections as per the arrangement with the tax authority.   

The regulations established by ERCA penalize taxpayers for falling to servicing their registers on an annual basis and yet only about a quarter of the 12,465 machines sold last year have been serviced this year.

The Ethio-Italian Trade and Investment Forum expected to enhance bilateral business ties between Ethiopia and Italy was held last week in Rome according to the Ministry of Foreign Affairs.

The event was attended by more than 150 Italian and over 30 Ethiopian businesses noted the press release by the MoFA.

The opportunities that reside in the many unexploited natural resources of Ethiopia and the country's conducive investment and foreign trade policy were promoted by government officials attending the event.

Ethiopian Airlines, Ethiopia’s flag carrier, was able to earn record operating revenues registering a growth of 50.4% in the first two quarters of the financial year according to Tewolde Gebremariam, Chief Executive Officer of the Airline.

The higher earning of the airline enabled it to absorb the 55% in increase and remain profitable in spite of a declining profit margin said Tewolde.

The growth registered by Ethiopia from July 8-Janury 9, the first six months of the Ethiopian financial year, is remarkable he said.